CINCINNATI FINANCIAL CORP (CINF)

Cincinnati Financial Corporation is an Ohio corporation formed in 1968 whose main business is property casualty insurance, marketed through independent insurance agencies in 46 states. Its lead subsidiary, The Cincinnati Insurance Company, was founded in 1950 by four independent insurance agents. The company's stated mission is to grow profitably and strengthen the ability of local independent agents to deliver financial protection through financial strength, competitive products and services, and committed associates. Its strategy centers on managing insurance profitability and driving premium growth.

The parent owns four subsidiaries: The Cincinnati Insurance Company, Cincinnati Global Underwriting Ltd., CSU Producer Resources Inc. and CFC Investment Company. The Cincinnati Insurance Company in turn owns four more insurance subsidiaries. The standard market group, which includes The Cincinnati Casualty Company and The Cincinnati Indemnity Company, writes commercial, homeowner and auto policies. Cincinnati Life provides life insurance and fixed annuities. Cincinnati Specialty Underwriters offers excess and surplus lines products. Cincinnati Re handles reinsurance assumed. Cincinnati Global owns a London-based specialty underwriter for Lloyd's Syndicate 318 and a Lloyd's corporate member through which Cincinnati Financial and third-party names provide capital. The two noninsurance subsidiaries are CSU Producer Resources, an insurance brokerage that gives agencies access to excess and surplus lines products, and CFC Investment Company, which offers commercial leasing and financing to agencies, their clients and other customers. The parent also holds an investment portfolio, owns the headquarters property and is responsible for corporate borrowings and shareholder dividends.

Its customers are policyholders, both businesses and individuals, served through a select group of independent agencies. At year-end 2025 there were 2,292 property casualty agency relationships and 3,702 reporting locations. Commercial standard market and excess and surplus lines policies were marketed in 44 states, with commercial E&S also available in California, and personal lines in 45 states. Ohio is the largest state, at 12.8% of earned premiums. The largest single agency relationship represented about 0.5% of property casualty earned premiums. Life insurance is sold through the same agencies and through independent life agencies. Cincinnati Re markets through reinsurance brokers and intermediaries, and Cincinnati Global through Lloyd's brokers and coverholders. The company competes in a market of more than 2,000 carriers, mainly standard market insurers that also use independent agents, as well as captive-agent and direct-to-consumer carriers.

Operationally, the company relies on 2,195 field associates who live in the communities agencies serve, including 940 field claims representatives, supported by headquarters associates in Fairfield, Ohio. It had 5,705 employees at year-end 2025, including 110 at Cincinnati Global. Other operations include a claims call center, an Express Claims Center, catastrophe response teams and a 48-person Special Investigations Unit. It also provides agency training and technology tools. Its investment portfolio included $18.1 billion of fixed maturities and $12.7 billion of equities, and it keeps debt low, with $790 million of long-term debt. A.M. Best, Fitch, Moody's and S&P rate its insurance subsidiaries.